When marginal cost is positive, total cost is ________ as output increases
A) increasing
B) decreasing
C) constant
D) negative
E) undefined
A
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The figure above shows the labor market in a region. For a minimum wage to change the wage rate and amount of employment, it must be
A) left to the forces of supply and demand. B) set above $6 an hour. C) set equal to $6 an hour. D) set below $6 an hour. E) set at $12 per hour.
The strengths of the British National Health Service (NHS) include:
a. the fact that there is a surplus of clinicians, so there is little need for foreign-trained physicians and nurses to practice in Britain. b. the fact that no one has the ability to jump to the top of the slow-moving waiting list for medical treatment. c. the fact that patients have access to all medically necessary care regardless of cost. d. good access to primary and preventive care. e. the fact that there are no differences in access to medical care based on socioeconomic status or geographic location.
Which of the following is an example of a third variable causing two other variables?
a. During a theatrical performance, the wind and flying kites both increased. b. During a thunderstorm, felled trees and the sale of oranges both increased. c. During a harsh winter, car accidents and heating bills both increased. d. During an exciting Super Bowl game, heart attacks and snowfall both increased.
A firm's long-run position under perfect competition is often said to be efficient because
A. P = MR = MC = ATC. B. P = MR = AVC = AFC. C. P = AR > MC = AVC. D. P = AR > MR = MC.